Tesla CEO Elon Musk submitted a bid to buy Twitter for around $43 billion and take it private.
Musk tweeted his filing with the Securities and Exchange Commission, offering to buy the entire company for $54.20 per share. That’s higher than Twitter’s opening price on Thursday, which was $48.37.
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It’s the latest development in the Twitter-Musk saga. Nearly two weeks ago, news broke that Musk became Twitter’s largest outside shareholder, with a 9.2 percent stake. Then, Twitter said Musk would join Twitter’s board of directors, before Twitter CEO Parag Agrawal announced over the weekend that Musk declined the board seat.
Musk has tweeted out various ideas for changes at Twitter since the announcement of his stake in the company, though he appears to have deleted many of those tweets.
In the filing with the SEC, Musk wrote that he invested in Twitter because he believes in its potential to be a platform for free speech around the world, and he believes free speech is a “societal imperative for a functioning democracy.”
“Since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,” Musk wrote. “As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder. Twitter has extraordinary potential. I will unlock it.”
Illustration: Li-Anne Dias
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